It’s About Economics! Data Is the New Sun | @ThingsExpo #AI #DX #BigData

I’ve always felt that bringing an economics perspective to our Big Data and digital transformation discussions is more important than a traditional accounting or even information technology (IT) perspective. Heck, I believe that a Chief Data Officer’s background should be more along the lines of economics than IT.

Economics brings a forward-looking perspective on creating value (wealth). In fact, economics is defined as “the branch of knowledge concerned with the production, consumption, and transfer (capture) of wealth.”

It is this forward-looking perspective on the “production, consumption, and transfer (capture) of wealth” that should drive an organization’s digital transformation initiatives. And as an example of how digital transformation is exploiting economics, we need to look no further than what is happening in the automobile industry.

Economics of an Electric VehicleAs an owner of a money pit, maintenance nightmare internal combustion engine (ICE) vehicle, I’m well aware of how much it costs me whenever I need to get my car serviced — replace a starter here, or fix an oil leak there, or replace an alternator here. Electric vehicles (EV), on the other hand, have fewer complicated, inter-related, expensive-to-fix parts. For example, the motor in an EV contains about half a dozen moving parts, as compared to the hundreds of working parts in an ICE.

In the article “Ford Pushes Key Marketing Message for Electric Cars: Lower Maintenance Costs,” Sherif Marakby, Ford’s Director of Electrification Programs and Engineering states: “When you have moving parts, such as the gears in a transmission or the pistons in an engine, you have maintenance. With an electric drive, there are very few moving parts. And in the Focus Electric, the only moving parts are the motor and the wheels.”

Over the life of the car, Focus Electric drivers also won’t need to spend time and money to:

#1 – Blown engine. A blown engine can occur as a result of problems such as a broken connecting rod, a damaged valve, or leaking oil. If you need an engine replacement, a new one costs between $1,000 and $4,000 (or much more), depending on your vehicle, the type of engine, and the shop where you get your car repaired.

#2 – Transmission replacement. On average, you are looking at a cost of between $1,800 and $3,500 for a replacement. If you opt for a repair instead of a replacement, your cost is a bit lower. You can have a transmission or clutch repaired for between $1,000 and $2,000.

#3 – Head gasket. If you blow a head gasket, you are looking at a serious cost. Although a gasket itself is cheap, the labor costs are high. According to estimates by the Engine Guy, you should pay between $1,200 and $1,600 for head gasket repair.

The economics of owning an electric vehicle start to overwhelm the costs and hassles associated with owning a vehicle with an internal combustion engine.

The bottom-line is that economics of the electric car overwhelm the economics of an internal combustion engine (or hybrid engine), and in the long run the economics of the EV will win.

Yep, my next car will be an electric vehicle.

Data Is NOT the New Oil. Data Is the New Sun!What does all this boring talk of economics of the automobile industry mean to an organization contemplating digital transformation? If you want to be successful with your digital transformation, organizations need to master exploiting the economics of their data and analytics in order to drive the production, consumption, and transfer (capture) of wealth.

However, “Data Is the New Oil” is a dated analogy used to describe yesterday’s business models; business models built on assets that wear out (depreciate), deplete and cannot be used simultaneously across multiple uses.

Instead, “Data Is the New Sun” is a more relevant analogy to describe tomorrow’s digitally-transformed business models as the sun can power an infinite number of uses at zero marginal cost, never wears out (or depreciates) and never depletes!

At its heart, digital transformation is about economics: transitioning from yesterday’s “economics of oil” mentality (expensive to find, expensive to extract, expensive to transport, environmentally hazardous, depletes, messy, dirty and environmental costly) to embracing the modern “economics of the sun” (clean, never depletes, never depreciates and is readily available to fuel an infinite number of uses).

The “economics of the sun” are exactly like the “economics of digital assets” in that your digital assets (data, analytics and resulting customer, product and operational insights) never deplete, never depreciate and are readily available to fuel an infinite number of use cases.

Law #1: Digital Transformation is about innovating business models, not just optimizing business processes

Law #2: Digital Transformation is about coupling digital technologies with digital assets in order to eliminate time and distance barriers in your business model.

Law #3: Digital Transformation is about leveraging superior insights to build new core competencies around customers, products and operational intelligence.

Law #4: Digital Transformation is about creating new digital assets around data, analytics and insights about your customers, products and operations.

Law #5: Digital Transformation is about predicting what’s likely to happen, prescribing actions and learning from the results faster than your competition (predictive intelligence).

Fighting economics is a bitch! So embrace your data and analytic digital assets to exploit the “economics of the sun” to drive the production, consumption, and transfer (capture) of wealth in your digital transformation.

With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo, October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.

Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers.

Companies are each developing their unique mix of cloud technologies and services, forming multi-cloud and hybrid cloud architectures and deployments across all major industries. Cloud-driven thinking has become the norm in financial services, manufacturing, telco, healthcare, transportation, energy, media, entertainment, retail and other consumer industries, and the public sector.

Cloud Expo is the single show where technology buyers and vendors can meet to experience and discus cloud computing and all that it entails. Sponsors of Cloud Expo will benefit from unmatched branding, profile building and lead generation opportunities through:

Featured on-site presentation and ongoing on-demand webcast exposure to a captive audience of industry decision-makers.

Showcase exhibition during our new extended dedicated expo hours

Breakout Session Priority scheduling for Sponsors that have been guaranteed a 35-minute technical session

Online advertising in SYS-CON's i-Technology Publications

Capitalize on our Comprehensive Marketing efforts leading up to the show with print mailings, e-newsletters and extensive online media coverage.

All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.

With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-4, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.

Delegates to Cloud Expo |@ThingsExpo will be able to attend 8 simultaneous, information-packed education tracks.

There are over 120 breakout sessions in all, with Keynotes, General Sessions, and Power Panels adding to three days of incredibly rich presentations and content.

Join Cloud Expo |@ThingsExpo conference chair Roger Strukhoff (@IoT2040), October 31 - November 2, 2017, Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, for three days of intense Enterprise Cloud and 'Digital Transformation' discussion and focus, including Big Data's indispensable role in IoT, Smart Grids and (IIoT) Industrial Internet of Things, Wearables and Consumer IoT, as well as (new) Digital Transformation in Vertical Markets.

Financial Technology - or FinTech - Is Now Part of the @CloudExpo Program!

Accordingly, attendees at the upcoming 21st Cloud Expo |@ThingsExpo October 31 - November 2, 2017, Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, will find fresh new content in a new track called FinTech, which will incorporate machine learning, artificial intelligence, deep learning, and blockchain into one track.

Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expensive intermediate processes from their businesses.

FinTech brings efficiency as well as the ability to deliver new services and a much improved customer experience throughout the global financial services industry. FinTech is a natural fit with cloud computing, as new services are quickly developed, deployed, and scaled on public, private, and hybrid clouds.

More than US$20 billion in venture capital is being invested in FinTech this year. @CloudExpo is pleased to bring you the latest FinTech developments as an integral part of our program, starting at the 21st International Cloud Expo October 31 - November 2, 2017 in Silicon Valley, and June 12-14, 2018, in New York City.

The upcoming 21st International @CloudExpo | @ThingsExpo, October 31 - November 2, 2017, Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY announces that its Call For Papers for speaking opportunities is open.

As a CTO within Dell EMC’s 2,000+ person consulting organization, he works with organizations to identify where and how to start their big data journeys. He’s written white papers, is an avid blogger and is a frequent speaker on the use of Big Data and data science to power an organization’s key business initiatives. He is a University of San Francisco School of Management (SOM) Executive Fellow where he teaches the “Big Data MBA” course. Bill also just completed a research paper on “Determining The Economic Value of Data”. Onalytica recently ranked Bill as #4 Big Data Influencer worldwide.

Bill has over three decades of experience in data warehousing, BI and analytics. Bill authored the Vision Workshop methodology that links an organization’s strategic business initiatives with their supporting data and analytic requirements. Bill serves on the City of San Jose’s Technology Innovation Board, and on the faculties of The Data Warehouse Institute and Strata.

Previously, Bill was vice president of Analytics at Yahoo where he was responsible for the development of Yahoo’s Advertiser and Website analytics products, including the delivery of “actionable insights” through a holistic user experience. Before that, Bill oversaw the Analytic Applications business unit at Business Objects, including the development, marketing and sales of their industry-defining analytic applications.

Bill holds a Masters Business Administration from University of Iowa and a Bachelor of Science degree in Mathematics, Computer Science and Business Administration from Coe College.